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The Inter-American Development Bank (IDB) approved US$20 million for a Global Loan Program to the Caribbean Development Bank (CDB) for projects in the four IDA-eligible Organization of Eastern Caribbean States (OECS) member countries.

Taken from IDB Website

Washington, October 25- The Inter-American Development Bank (IDB) approved US$20 million for a Global Loan Program to the Caribbean Development Bank (CDB) for projects in the four IDA-eligible Organization of Eastern Caribbean States (OECS) member countries.

The CDB will on-lend the funds for the financing of public sector projects in Dominica, Grenada, St. Lucia and St. Vincent and the Grenadines. These small open economies are vulnerable to external economic shocks and natural disasters.

The new approved program will help address the social and economic challenges of these non-IDB member countries, constrained by their limited access to longer term and lower cost credit resources. Resources will be allocated by CDB based on its country strategy and programming processes.

The IDB charter was amended in 1977 to allow the Bank to provide financial resources to the CDB to support its member countries. Prior to the approval of the new loan, the IDB had financed four global loan programs to the CDB totaling US$104 million, as well as various technical cooperation operations.

The approved program will be financed by US$14 million from the IDB's ordinary capital, and US$6 million from the Bank's Fund for Special Operations, with an amortization period of 30 and 40 years respectively.